SEC v. Charles Rustin Holzer, Fernando Motta Moraes (insider trading, 2022)

Judgment entered

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In November 2022 the SEC announced final consent judgments against family-office manager Charles Holzer and its former chief operating officer Fernando Moraes over trading Dun & Bradstreet options ahead of its August 2018 buyout. Together they were ordered to pay about $100,351 disgorgement, $15,865 interest and $812,155 in penalties.

The record

What was ordered

Civil penalty

$812k

Disgorgement

$100k

Prejudgment interest

$15.9k

Total relief

$928k

Alleged gain

$96.1k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced the judgments on November 16, 2022 as litigation release 25578; they were entered on November 14 (Holzer) and October 28 (Moraes) in the Southern District of New York.

The complaints, filed September 30, 2022, alleged both traded D&B options on material nonpublic information, with realised profits of $672,000 and $65,332. Holzer is ordered to pay $91,509, $14,218 and a $763,509 penalty; Moraes $8,842, $1,647 and $48,646. Both are enjoined and barred from serving as officers or directors of public issuers.

The earlier record showed only Holzer's disgorgement and interest and omitted the penalties.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2022-11-16 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.